ASM International N.V. (ASM.AS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-66.8%

€232.90

vs €701.00 price

Levered DCF

€307.74

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

12.63

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	35.04×	40×	30.8×	29.57×	38.22×	30.81×	15.04×	12.07×
P/B	6.33×	7.36×	7.18×	4.18×	8.43×	4.75×	2.72×	1.16×
P/S	7.99×	9.41×	8.79×	4.77×	10.93×	6.63×	3.85×	2.32×
EV / EBITDA	20.35×	26.95×	21.82×	19.7×	29.72×	21.29×	9.72×	8.98×
Gross margin	51.8%	50.5%	48.3%	47.4%	47.9%	47.0%	49.7%	40.9%
Operating margin	29.9%	27.4%	24.8%	26.2%	28.4%	24.6%	29.5%	15.2%
Net margin	22.8%	23.4%	28.5%	16.1%	28.6%	21.5%	25.6%	19.2%
Current ratio	2.25×	2.01×	2.45×	2.14×	2.99×	2.79×	2.95×	3.5×
Debt / equity	0.02×	0.01×	0.01×	0.01×	0.01×	0×	0×	0×
Interest coverage	1,053.11×	425.76×	165.71×	415.26×	244.26×	162.92×	214.43×	50.39×
Dividend yield	0.6%	0.5%	0.5%	1.1%	0.5%	1.1%	2.0%	2.3%
Payout ratio	20.4%	19.8%	16.4%	31.3%	19.6%	34.6%	30.2%	27.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.1%	18.3%	23.3%	14.2%	22.1%	15.4%	18.1%	9.6%
Return on invested capital	17.3%	16.0%	16.2%	16.4%	17.6%	15.7%	17.5%	6.8%
Return on assets	13.6%	13.3%	17.8%	10.4%	18.2%	12.8%	15.1%	8.5%
Free cash flow yield	3.3%	1.9%	1.8%	2.9%	1.2%	1.2%	7.6%	1.0%
Earnings yield	2.9%	2.5%	3.2%	3.4%	2.6%	3.2%	6.6%	8.3%
Enterprise value	€24.4B	€26.7B	€22.6B	€11.1B	€18.4B	€8.4B	€4.5B	€1.6B
Net debt / EBITDA	-0.8×	-0.9×	-0.58×	-0.69×	-0.75×	-1.09×	-1.07×	-1.59×
Cash conversion cycle (days)	159	177	169	188	114	109	102	163